[Congressional Record Volume 166, Number 203 (Wednesday, December 2, 2020)]
[House]
[Pages H6037-H6039]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
{time} 1700
COIN METAL MODIFICATION AUTHORIZATION AND COST SAVINGS ACT OF 2020
Mr. CLAY. Mr. Speaker, I move to suspend the rules and pass the bill
(H.R. 7995) to amend title 31, United States Code, to save Federal
funds by authorizing changes to the composition of circulating coins,
and for other purposes, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows:
H.R. 7995
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Coin Metal Modification
Authorization and Cost Savings Act of 2020''.
SEC. 2. SAVING FEDERAL FUNDS BY AUTHORIZING CHANGES TO THE
COMPOSITION OF CIRCULATING COINS.
Section 5112 of title 31, United States Code, is amended by
adding at the end the following:
``(x) Composition of Circulating Coins.--
``(1) In general.--Notwithstanding any other provision of
law, and subject to the other provisions of this subsection,
the Director of the United States Mint (referred to in this
subsection as the `Director'), in consultation with the
Secretary, may modify the metallic composition of circulating
coins to a new metallic composition (including by prescribing
reasonable manufacturing tolerances with respect to those
coins) if a study and analysis conducted by the United States
Mint, including solicitation of input, including input on
acceptor tolerances and requirements, from industry
stakeholders who could be affected by changes in the
composition of circulating coins, indicates that the
modification will--
``(A) reduce costs incurred by the taxpayers of the United
States;
``(B) be seamless, which shall mean the same diameter and
weight as United States coinage being minted on the date of
enactment of this subsection and that the coins will work
interchangeably in most coin acceptors using electromagnetic
signature technology; and
``(C) have as minimal an adverse impact as possible on the
public and stakeholders.
``(2) Notification to congress.--On the date that is at
least 90 legislative days before the date on which the
Director begins making a modification described in paragraph
(1), the Director shall submit to Congress notice that--
``(A) provides a justification for the modification,
including the support for that modification in the study and
analysis required under paragraph (1) with respect to the
modification;
``(B) describes how the modification will reduce costs
incurred by the taxpayers of the United States;
``(C) certifies that the modification will be seamless, as
described in paragraph (1)(B); and
``(D) certifies that the modification will have as minimal
an adverse impact as possible on the public and stakeholders.
``(3) Congressional authority.--The Director may begin
making a modification proposed under this subsection not
earlier than the date that is 90 legislative days after the
date on which the Director submits to Congress the notice
required under paragraph (2) with respect to that
modification, unless Congress, during the period of 90
legislative days beginning on the date on which the Director
submits that notice--
``(A) finds that the modification is not justified in light
of the information contained in that notice; and
``(B) enacts a joint resolution of disapproval of the
proposed modification.
``(4) Procedures.--For purpose of paragraph (3)--
``(A) a joint resolution of disapproval is a joint
resolution the matter after the resolving clause of which is
as follows: `That Congress disapproves the modification
submitted by the Director of the United States Mint.'; and
``(B) the procedural rules in the House of Representatives
and the Senate for a joint resolution of disapproval
described under paragraph (3) shall be the same as provided
for a joint resolution of disapproval under chapter 8 of
title 5, United States Code.''.
SEC. 3. DETERMINATION OF BUDGETARY EFFECTS.
The budgetary effects of this Act, for the purpose of
complying with the Statutory Pay-As-You-Go Act of 2010, shall
be determined by reference to the latest statement titled
``Budgetary Effects of PAYGO Legislation'' for this Act,
submitted for printing in the Congressional Record by the
Chairman of the House Budget Committee, provided that such
statement has been submitted prior to the vote on passage.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Missouri (Mr. Clay) and the gentleman from Ohio (Mr. Gonzalez) each
will control 20 minutes.
The Chair recognizes the gentleman from Missouri.
General Leave
Mr. CLAY. Mr. Speaker, I ask unanimous consent that all Members may
have 5 legislative days within which to revise and extend their remarks
and to include extraneous material thereon.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Missouri?
There was no objection.
Mr. CLAY. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise in strong support of H.R. 7995, the Coin Metal
Modification Authorization and Cost Savings Act of 2020. I thank the
gentleman from Nevada (Representative Amodei) for his work on this
bill, which authorizes the Director of the Mint, in consultation with
the Secretary of the Treasury, to modify the metallic composition of
circulating coins to better meet public demand for coins while seeking
to reduce costs to taxpayers and preserve interoperability with
existing coin acceptor technology.
Despite the changes to our everyday lives brought on by the COVID-19
pandemic, coin production is at an all-time high. Just this year, the
U.S. Mint averaged a monthly production rate of approximately 1.27
billion coins per month for a total of 15.2 billion coins over the past
12 months. By comparison, the Mint produced 11.9 billion coins for all
of 2019.
Since 2006, metal prices have risen to where the unit costs of a
penny and nickel exceed their face value. The U.S. Mint estimates that
by adjusting the metal content of coins, the Federal Government could
save between $10 million to $17 million per year.
This bill would require any proposed change in the metallic
composition of coins to both reduce costs to taxpayers and be seamless.
This means that the diameter, weight, and electromagnetic signature of
the new coins would operate interchangeably in most coin acceptors that
use electromagnetic signature technology, such as vending machines,
laundromats, and the self-checkout lines at your local grocery stores.
This commonsense reform provides the Mint with the flexibility to
save taxpayer dollars and avoid future supply chain disruptions while
balancing the needs of stakeholders in ensuring that any new coins work
within the existing coin acceptance infrastructure.
This bill is supported by a wide range of industry stakeholders,
including the National Automatic Merchandising Association, the Coin
Laundry Association, and the Food Industry Association.
Mr. Speaker, I thank Mr. Amodei for his work on this bill, and I urge
Members to vote ``yes.''
Mr. Speaker, I reserve the balance of my time.
Mr. GONZALEZ of Ohio. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, I rise in support of H.R. 7995, the Coin Metal
Modification Authorization and Cost Savings Act of 2020.
Mr. Speaker, title 31 of the United States Code establishes the
monetary system on which our Nation relies. Section 5112, in
particular, sets out the parameters by which the Secretary of the
Treasury is authorized to mint and issue the coins that we use on a
daily basis in the United States. Those parameters are incredibly
detailed.
For example, there are provisions outlining the number of circulating
[[Page H6038]]
coin programs, numismatic coins, better known as coins used to
commemorate a person or event. The provisions even depict the metal
composition requirements that every coin leaving the United States Mint
must meet.
In fact, different coins have different composition requirements. For
example, ``The 5-cent coin is an alloy of 75 percent copper and 25
percent nickel.'' One quarter and a dime must be ``clad . . . with
three layers of metal. The two identical outer layers are an alloy of
75 percent copper and 25 percent nickel. The inner layer is copper. The
outer layers are metallurgically bonded to the inner layer and weigh at
least 30 percent of the weight of the coin.''
Mr. Speaker, H.R. 7995, introduced by my colleague, Congressman
Amodei, from the great State of Nevada, would amend title 31. The bill
would allow the United States Mint to research and make recommendations
to Congress regarding changes to the metallic composition of those
circulating coins we use every day.
Once the Mint's research is complete, the Director of the Mint must
report to Congress any proposed changes it seeks to make, including
justifications for the changes.
This report to Congress must include the following information.
First, the report must describe how the proposed modifications will
save taxpayer dollars. The report must describe how the modifications
will be implemented without disrupting the current circulation of
coins. Finally, the report must show that any modification will have
minimal negative impact on the public.
Mr. Speaker, let me make one thing clear. This bill maintains
Congress' Article I authority over coins. The bill provides that if
Congress, the entity constitutionally responsible for coinage,
disagrees with or believes the modifications are too burdensome, it can
stop the process. The bill provides for an expedited review process,
similar to the Congressional Review Act, to stop any changes the Mint
would make.
This bill may seem like a strange idea. Why change the composition of
coins? Isn't the old saying: If it isn't broke, don't fix it?
Mr. Speaker, recent projections from the Mint estimate that the
legislation would allow for potential savings of $4 million more
annually by changing the metal composition of the nickel and potential
savings of up to $14 million annually by changing the dime and quarter.
These projected numbers do not account for the penny, which would
undoubtedly increase the savings to taxpayers.
Needless to say, these savings are not chump change.
Mr. Speaker, I am not a coin expert. But I can say that if the Mint
is able to save the U.S. taxpayer considerable money by altering the
metal composition of circulating coins, we should give the coin experts
the chance to make their case.
H.R. 7995 makes sense. It is a commonsense cost-savings bill. It is
for this reason that I support this bill, and I urge my colleagues to
support it as well. Mr. Speaker, I reserve the balance of my time.
Mr. CLAY. Mr. Speaker, I reserve the balance of my time.
Mr. GONZALEZ of Ohio. Mr. Speaker, I yield 2 minutes to the gentleman
from Tennessee (Mr. John W. Rose).
Mr. JOHN W. ROSE of Tennessee. Mr. Speaker, I rise today in
opposition to H.R. 7995, the Coin Metal Modification Authorization and
Cost Savings Act of 2020.
I first want to thank the bill's sponsor for his willingness to amend
the bill to address some of the concerns both Members and stakeholders
have raised. I believe that, as a result, we have a better bill before
us today. However, I do not think these changes went far enough.
This legislation still cedes congressional authority and represents a
radical shift in the balance of power.
Section 8, Clause 5 of Article I of the Constitution grants Congress
the power ``to coin money, regulate the value thereof, and of foreign
coin, and fix the standard of weights and measures.''
I am having trouble understanding why we would willingly hand over a
duty specifically given to the Congress in the Constitution.
Historically, Congress has been reluctant to relinquish that power to
fix the standard of coin weight and measure to the executive branch and
has balked at similar pieces of legislation over separation of powers
concerns.
We continue to cede congressional authority to the executive branch,
and history reveals disastrous results from doing so. I, too, believe
we should look for efficiency in government as well as opportunity to
save taxpayer dollars. However, it should not come at the cost of
willfully handing over specific duties to us in the Constitution in the
process.
Mr. Speaker, although well intentioned, I believe this is an
important issue that deserves a thoughtful discussion and debate,
something a hearing would have provided, and its consideration should
not be expedited without that debate.
Mr. CLAY. Mr. Speaker, I would inquire through the Chair if my
colleague has any remaining speakers on his side.
Mr. GONZALEZ of Ohio. Mr. Speaker, we have two speakers remaining.
Mr. CLAY. Mr. Speaker, I reserve the balance of my time.
Mr. GONZALEZ of Ohio. Mr. Speaker, I yield 30 seconds to the
gentleman from Tennessee (Mr. David P. Roe).
Mr. DAVID P. ROE of Tennessee. Mr. Speaker, I rise today in
opposition to this bill. This bill would shift the constitutional power
to coin money and regulate its value from Congress to the executive
branch.
While I applaud the effort to give the Mint flexibility to reduce
costs, this bill has the unintended effect of relinquishing Congress'
constitutional power to coin money to the executive branch. We see this
shift of power all the time in this body.
It is the prerogative of Congress to regulate the country's coinage.
Let's vote to maintain this prerogative. Mr. Speaker, I urge my
colleagues to oppose suspending the rules and passing H.R. 7995.
Mr. CLAY. Mr. Speaker, I have no further speakers, and I reserve the
balance of my time.
Mr. GONZALEZ of Ohio. Mr. Speaker, I yield 3 minutes to the gentleman
from Nevada (Mr. Amodei).
Mr. AMODEI. Mr. Speaker, I thank my colleagues from Missouri and Ohio
for their graciousness in granting me some time, and also my colleagues
from Tennessee for their comments.
In short, this bill is about savings. It has already been mentioned,
H.R. 7995 wants to save money when it comes to the fact that it costs
the Mint almost a half-cent to make a nickel. It costs them 1.75 cents
to make a penny. The dime and the quarter are not far behind.
No disrespect to anybody here who has spoken before, but quite
frankly, when all else fails, read the Constitution and read the bill.
The Constitution says that we have the ability to coin money, to
regulate the value of the money, and foreign money, and we also have
weights and measures.
H.R. 7995 is not a long bill, ladies and gentlemen. Essentially, it
is two pages long, and it talks about changing the metal content.
Nowhere in Article I does it say anything about the content of the
metal of the coin. So when my colleague from Missouri says this is a
commonsense measure that is just meant to save money, it is like that
is it. There is no mystery here.
We lose money on every one of those pennies and nickels that we coin.
We want to regulate. We want to give the Mint the ability to regulate
the metal content.
I am going to say it once more, and then I will stop. We want,
through H.R. 7995, to give the Mint the ability to regulate the metal
content of the coin. None of the things that are covered in this
provision are in the Constitution, with all due respect.
But guess what? It is not like: Okay, that is it. End of analysis.
Please support the bill.
The last part is this. Despite the fact that it is not in there about
metal content and changing any of the specifically enumerated
constitutional provisions, there are still provisions in this bill that
say: But out of an abundance of caution, let's go ahead and make sure
that the Congress knows when we change the metallic content of a coin,
with the idea of saving money for taxpayers, and make sure that other
stakeholders don't have objections.
So, if anything, we have expanded the meaning of that provision in
the Constitution to say, oh, by the way,
[[Page H6039]]
let's talk to Congress and make sure they are okay, even though it is
not in this section.
So, with all due respect, I would request your favorable
consideration. I thank the committee of jurisdiction for its look at
this, and I urge your support.
Mr. GONZALEZ of Ohio. Mr. Speaker, I am prepared to close.
Mr. Speaker, I would simply urge my colleagues to support H.R. 7995,
and I yield back the balance of my time.
Mr. CLAY. Mr. Speaker, I yield myself the balance of my time.
Mr. Speaker, this bipartisan bill is a commonsense reform that
provides the Mint with the flexibility needed to meet consumer demand
for coins while saving taxpayer dollars.
This bill ensures that modifications will operate interchangeably and
without disruption to existing coin acceptor infrastructure.
Mr. Speaker, I urge Members to vote ``yes'' on this bill, and I yield
back the balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Missouri (Mr. Clay) that the House suspend the rules and
pass the bill, H.R. 7995, as amended.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds
being in the affirmative, the ayes have it.
Mr. JOHN W. ROSE of Tennessee. Mr. Speaker, on that I demand the yeas
and nays.
The SPEAKER pro tempore. Pursuant to section 3 of House Resolution
965, the yeas and nays are ordered.
Pursuant to clause 8 of rule XX, further proceedings on this motion
will be postponed.
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